Best of the Week
Most Popular
1.Stock Market in DANGER of Strangling the Bears to Death - Nadeem_Walayat
2. Germany Pivoting East, Exit US Dollar, Enter Gold Standard - Jim_Willie_CB
3.Flight MH17 – Kiev Flash Mob's Last False Flag? - Andrew_McKillop
4.Stock Market Crash Nightmare! - Nadeem_Walayat
5.Gold - The Million DOLLAR Question... - Rambus_Chartology
6.Gold And Silver – BRICS And Germany Will Pave The Way - Michael_Noonan
7.The Jewish Selfish Gene, People Chosen by God, Everyone Else is Goyim to Kill - Nadeem_Walayat
8.The Israeli Promised Land Dream - The Criminal Roadmap Towards “Greater Israel”? - Felicity Arbuthnot
9.Which Way is Inflation Blowing? Watch Commodities - Gary_Dorsch
10.U.S. Economy Quarterly Review and Implications for 2014-2015 - Lacy Hunt
Last 5 days
The Big Energy = Power Battle Is Coming - 25th July 14
USrael - Zionists in Control of America's Goyim Brainwashed Second Coming Slaves - 25th July 14
More Weakness Ahead for Gold Miners - 25th July 14
Gold Price Strong Season Starts - 25th July 14
Geopolitics and Markets Red Flags Raised by the Fed and the BIS on Risk-taking - 25th July 14
Gold Lockdown Until Options Expiry - New Singapore Gold Contract Threatens Price Manipulation - 25th July 14
The Bond Markets, Black Swans, and the Tiny Spirit of Santo - 25th July 14
No Road Map For Avoiding The Future - 25th July 14
Israeli War Machine Concentrating Women and Children into UN Schools Before Killing Them - C4News - 25th July 14
Israeli Government Paying Jewish Fundamentalist Students to Post Facebook Gaza War Propaganda - 25th July 14
Why the Stock Market Is Heading For A Fall - This Time Is Not Different - 25th July 14
An Economic “Nuclear Strike” on Moscow, A “War of Degrees” - 25th July 14
BBC, Western Media Working for Israeli Agenda of Perpetual War to Steal Arab Land - 25th July 14
Ukraine: What To Do When Economic Growth Is Gone - 24th July 14
Stock Market Clear and Present Danger Zone - 24th July 14
The Five Elements to Creating a Something-for-Nothing Society - 24th July 14
Instability is the New Normal? - 24th July 14
Israel's Suicide Bombers Over Gaza - 24th July 14
EUR-AUD Heads Into The Danger Zone - 24th July 14
Tesco Supermarket Death Spiral Accelerates as Customers HATE the Mega Brand - 24th July 14
Ukraine MH17 Crisis - Best Remember Who Your Friends Are - 24th July 14
Three Reasons Why Gold Price and Gold Stocks Will Rise - 24th July 14
HUI Gold Bugs Fighting To Break Downtrend - 23rd July 14
What Putin Knows About Flight MH17 - 23rd July 14
Why Microsoft Will Continue to Rebound, Huge Upside Potential - 23rd July 14
Will Putin Survive? - 23rd July 14
MH17 Crash Next Phase Economic Warfare - 22nd July 14
The TRUTH about China’s Massive Gold Hoard - 22nd July 14
Forex Multi-week Consolidation in EUR/USD Ended - 22nd July 14
Bitcoin Price Medium-term Trend Being Tested - 22nd July 14
Beware Of The Flash Mob - 22nd July 14
Can Putin Survive? - 22nd July 14
Israel Assault on Gaza: A Historic Crime, Nazi Like Final Solution - 22nd July 14
Zionist Israel an International Pariah - 22nd July 14
Reflections on the Global Misery Index - 22nd July 14
GDP Economic Statistic : A Brief But Affectionate History - 22nd July 14
TransTech Digest: Super Battery Bio-Power vs. Dirty CleanTech - 21st July 14
How to Find Trading Opportunities in the Currency Markets - 21st July 14
Stock Market One More Pull Back - 21st July 14
The Conquest Of Real - Degenerate Philosophies of the Book - 21st July 14
A Clear Way to Profit from a Graying Population - 21st July 14
Last Chance Critical Financial Market Forecasts Special Total Access - 21st July 14
Stock Market Crash Nightmare! - 21st July 14
Why the Stock Market Is STILL Cheap - 21st July 14
From Gore-Bore To Gore-War - 21st July 14
Gold Price Looking Drab - 21st July 14
An In-Depth Look at Gold Chartology - 21st July 14
The Jewish Selfish Gene, People Chosen by God, Everyone Else is Goyim to Kill - 20th July 14
AUD NZD Taking The Forex Bull By The Horns - 20th July 14
US-backed Israeli Invasion of Gaza Unleashes Death and Destruction - 20th July 14
The Israeli Promised Land Dream - The Criminal Roadmap Towards “Greater Israel”? - 20th July 14
Stock Market in DANGER of Strangling the Bears to Death - 20th July 14

Free Instant Analysis

Free Instant Technical Analysis


Market Oracle FREE Newsletter

A Thief's Worst Nightmare, Bulletproof Money Will and Help Drive the Mobile Wave

Companies / Tech Stocks Sep 06, 2012 - 09:03 AM GMT

By: Money_Morning

Companies

Best Financial Markets Analysis ArticleMichael A. Robinson writes: Imagine checking in at the airport, buying a cup of coffee at a local café, even paying for your clothes or groceries at the store's register... all with a quick wireless scan of your smartphone.

It's all possible today, thanks to a new type of tech called Near Field Communications (NFC).

No coins to fumble with. No waiting while the store's machine dials up your bank. No receipts to sign and then stuff into your pocket. The spread of NFC technology is a win-win for the customer and the merchant alike.


With NFC, your phone becomes your wallet. It's able to "talk" to any vendor, bank, brokerage, or credit card firm you like. This technology is set to take the world by storm.

In as little as a decade, billions of people around the world will convert to digital currency as their means of paying for the things they need every day.

There's just one thing slowing it all down right now - mobile security.

Using mobile phones as de facto wallets alarms some people. They fear that if your phone gets stolen, thieves could gain access to every bank, brokerage, or store account you have.

But that's about to change...

Making Digital Money Bulletproof
Indeed, much to the chagrin of thieves and con artists, mobile security will hasten the advent of bulletproof digital money used around the world.

I had the chance to talk about this with Michael Saylor, author of the best-selling new book "Mobile Wave: How Mobile Intelligence Will Change Everything." Saylor, who also serves as CEO of MicroStrategy Inc. (NASDAQgs:MSTR), told me alarmists are missing the big picture:

"I think the most important thing to be said about mobile security, and maybe mobile identity, is there are one million organizations in the world that have obsolete, ineffective identification systems now. Most of these things - passports, credit cards, driver's license, even things we think are reasonably secure, aren't. And many things aren't secure at all.

"I think that it's now possible to create a mobile identity system that runs on a smartphone which is anywhere from 100 times to 10,000 times as secure. Not only are they more secure, it's impossible to counterfeit and impossible to forge."

In fact, there are three key security features Saylor believes will make mobile commerce the standard of safe business transactions in just a few years.

Mobile Security Feature No. 1: Fingerprint Scanning
Fingerprint tech is a standard security feature around the world. It works because no two people - not even identical twins - have the same fingerprints.

Believe it or not, fingerprinting is actually pretty old. It began in eighth-century Japan. But this ancient approach to security is about to get a big upgrade.

Since many smartphones have touch-sensitive screens, by definition, they work with your fingertips.

All we need to do is convert that screen into a scanner that takes the place of a password. That way, it only works for you. If you lose your phone or someone steals it, the device goes dead.

That's probably why Apple Inc. (Nasdaq:AAPL) just spent $356 million to buy AuthenTec, a mobile network security firm. The journal ZDNet says AuthenTec's sensors are state of the art in touch-based security.

"These fingerprint swipe sensors use a patented sub-surface technology to read the live layer of skin beneath the skin's surface where the fingerprint is first formed," according to the author of the ZDNet article. This makes them "much harder to fool than traditional fingerprint sensors."

Many tech experts believe this acquisition signals that Apple will soon employ fingerprint scans in both the iPhone and the iPad.

Mobile Security Feature No. 2: Eye Scans
The public already has a good sense of how this works. We saw it featured in the popular James Bond film "GoldenEye" from 1995 and the first "Mission: Impossible" that came out a year later, as well as 2002's "Minority Report." In that film, Tom Cruise's character John Anderton undergoes a back-alley eye transplant operation to evade the ever present eye scanners of the authorities.

Right now we have two main ways to scan the eyes.

The first is to focus on the retina, the round tissue in the back of your eye that contains a "screen" of cells that respond to light. That annoying "red eye" effect you see in bad photos is actually the camera capturing the retina when the bright flash goes off too fast for the pupil to close.

Saylor notes that the retina serves to "pre-process images," adding that scientists actually consider it a part of the brain.

Scanning the retina works to establish identity because it has a pattern of blood vessels unique to each person.

The second way we have of establishing identity via the eye is the iris - the colored ring around the pupil. It's a jumble of patterns. See, no two are alike. Even the iris in your left eye differs from the one in your right.

"The New York Police Department uses iris scans when booking suspects," said Saylor. "The city of Leon, Mexico, deploys iris scanners in crowded public spaces, where they can identify up to 50 people at once."

Mobile Security Feature No. 3: Voice Recognition
Most investors already know about voice recognition. They've seen it for decades in TV shows like the original "Star Trek" and in the movie "2001: A Space Odyssey."

In 2012, speech recognition tech has quickly been gaining ground. Apple uses it as a digital voice assistant named Siri that's in the most recent version of the iPhone. So millions of people already have a sense that voice tech is the wave of the future.

But Saylor rightly draws a sharp contrast between speech and voice recognition. The latter is based on the fact that each person's voice is distinct.

"Voice recognition doesn't try to figure out what you say," Saylor explained, "it tries to determine if the voice is actually yours. The software to identify your voice exists and would be an easy addition to the array of identity techniques available to mobile devices."

As I see it, these features and others that might appear later can greatly increase both business and personal security. And there's no reason why you can't blend several of them together - say, an eye scan with voice recognition - to provide deeper safeguards.

In the future, you'll have all sorts of biometric security features that will protect your assets and your identity. All of them can both protect corporate assets and empower the individual.

Finally, these same features could also exist inside your PC or even in different rooms within your home to give you a total security package.

We're not far from the day when ordinary folks will be able to defeat even the smartest hacker around, just by touching or looking into their phone's screen.

And it's all because the world is going mobile.

Source :http://moneymorning.com/2012/09/06/bulletproof-money-will-be-a-thiefs-worst-nightmare-and-help-drive-the-mobile-wave/

Money Morning/The Money Map Report

©2012 Monument Street Publishing. All Rights Reserved. Protected by copyright laws of the United States and international treaties. Any reproduction, copying, or redistribution (electronic or otherwise, including on the world wide web), of content from this website, in whole or in part, is strictly prohibited without the express written permission of Monument Street Publishing. 105 West Monument Street, Baltimore MD 21201, Email: customerservice@moneymorning.com

Disclaimer: Nothing published by Money Morning should be considered personalized investment advice. Although our employees may answer your general customer service questions, they are not licensed under securities laws to address your particular investment situation. No communication by our employees to you should be deemed as personalized investent advice. We expressly forbid our writers from having a financial interest in any security recommended to our readers. All of our employees and agents must wait 24 hours after on-line publication, or after the mailing of printed-only publication prior to following an initial recommendation. Any investments recommended by Money Morning should be made only after consulting with your investment advisor and only after reviewing the prospectus or financial statements of the company.

Money Morning Archive

© 2005-2014 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

Free Report - Financial Markets 2014